Binance Crypto Exchange burns BNB tokens for $52.4 million
Binance burns BNB tokens every quarter until 100 million tokens are withdrawn from circulation. Crypto Exchange also completed its 11th quarterly BNB token burning for $52.4mn.
Binance, one of the largest exchanges in terms of trading volume, has completed the 11th scheduled burning of over 3 million BNB tokens worth over $52 million.
While regulators of the traditional financial market are handing out "helicopter money", allocating trillions of dollars to fight the consequences of the coronavirus pandemic, Binance continues its planned quarterly destruction of Binance Coin (BNB) tokens.
Binance has become the largest stablecoin platform, which has more than 1 billion (or 16% of the total capitalization) of tether (USDT).
Binance burns BNB tokens quarterly until 100 million tokens are withdrawn from circulation.
Crypto will not replace money
Meanwhile, despite the growing popularity of cryptographic assets, Changpeng Zhao, head of Binance, doubts that crypto assets will become as full-fledged as traditional cash. However, this will not prevent bitcoin price from soaring to US$100,000 once the asset's capitalization reaches US$2 trillion, Zhao believes.
Profit growth has been noticed not only in crypto exchanges, but even in crypto funds. Previously, digital asset-based fund Grayscale Investments attracted more than US$500 million from institutional investors in the first quarter of 2020 alone, which was an absolute record in the history of the fund.